Equity benchmarks ended marginally lower on Tuesday after a volatile trading session marked by sharp intraday swings, as global tariff concerns and profit booking in heavyweights overshadowed encouraging IT earnings and progress in India-US trade talks.
The BSE Sensex closed at 83,627.69, down 250.48 points or 0.30 per cent, while the NSE Nifty fell 57.95 points or 0.22 per cent to settle at 25,732.30.
The session started on a positive note with the Sensex opening at 84,079.32 and the Nifty touching its 50-day exponential moving average resistance at 25,897.35.
However, selling pressure intensified as the day progressed, dragging the Nifty to an intraday low of 25,603 before a late recovery of over 150 points in the final hour helped trim losses.
Market participants turned cautious after US President Donald Trump announced a 25 per cent tariff on countries doing business with Iran, raising fresh concerns about broader trade tensions as China is Iran’s largest trading partner.
“Today, the Indian stock market ended lower, after starting the day on a positive note. The main reason for the market’s reversal was fresh global concern after Donald Trump announced a 25% tariff on countries doing business with Iran,” said Abhinav Tiwari, Research Analyst at Bonanza. “This negative global cue outweighed optimism around ongoing India US trade discussions.”
Among Nifty constituents, Oil and Natural Gas Corporation (ONGC) emerged as the top gainer, surging 3.30 per cent to ₹243.50, followed by Eternal Limited, which jumped 3.16 per cent to ₹294.25. ICICI Bank advanced 1.66 per cent to ₹1,436.50, while Hindalco Industries gained 1.61 per cent to ₹935 and Max Healthcare Institute rose 1.60 per cent to ₹1,029.90.
On the losing side, Trent led the decliners, plunging 3.71 per cent to ₹3,906, followed by Larsen & Toubro, which tumbled 3.21 per cent to ₹3,890. Dr Reddy’s Laboratories fell 2.27 per cent to ₹1,187.90, while InterGlobe Aviation (IndiGo) declined 1.99 per cent to ₹4,753.50 and Reliance Industries slipped 1.77 per cent to ₹1,456.90.
“Nifty Falls on Profit Booking, Showed Resilience with Late Bounce back. After a brief pullback session, Nifty resumed its downward trajectory, falling 57 points to close at 25,732,” said Nandish Shah, Deputy Vice President at HDFC Securities. “The index opened 107 points higher, briefly touching its 50 DEMA resistance at 25,891 before reversing sharply.”
Sectoral performance remained mixed. Nifty PSU Bank and Nifty Media outperformed, while Nifty Consumer Durables and Nifty Realty ended as top losers.
The Nifty Bank index gained 128.30 points or 0.22 per cent to close at 59,578.80, while Nifty Financial Services rose 67.50 points or 0.25 per cent to 27,586.
The broader market presented a contrasting picture, with Nifty Midcap 100 slipping 0.20 per cent to 59,597.80, while Nifty Smallcap 100 defied the trend with a 0.60 per cent gain to close at 17,295.80.
Market breadth remained weak for the fourth consecutive session. Of the 4,327 stocks traded on the BSE, 2,038 advanced while 2,099 declined and 190 remained unchanged.
Notably, 232 stocks hit 52-week lows compared to just 69 that touched 52-week highs, reflecting underlying weakness. Seven stocks ended in lower circuit, while none hit upper circuit. The NSE cash market turnover was lower by 3 per cent compared to the previous session.
“Markets remained volatile on the weekly expiry day and ended marginally lower amid mixed cues. After an initial uptick, the Nifty 50 drifted lower for most of the session, though a rebound in the final hour trimmed some losses,” said Ajit Mishra, SVP Research at Religare Broking Ltd. “Market action reflects the interplay between earnings-related reactions and global uncertainty.”
The Indian rupee depreciated against the US dollar after finishing Monday’s session on a flat note, as regional currencies struggled.
“After finishing Monday’s session on a flat note, the Indian rupee depreciated against the greenback as regional currencies struggled. This decline was compounded by a rebound in crude oil and high metal prices, coupled with a cautious market environment,” said Dilip Parmar, Research Analyst at HDFC Securities. “Looking ahead, the USDINR pair has immediate support at 89.90 and resistance at 90.40.”
Gold prices traded in a highly volatile range, oscillating between ₹1,41,000-₹1,42,000 on MCX. “Market participants remain cautious ahead of the U.S.
CPI data due later this evening, a key input for the Fed’s upcoming policy decisions,” said Jateen Trivedi, VP Research Analyst at LKP Securities. “In the near term, sharp swings are likely, with prices expected to fluctuate within a wider band of ₹1,38,000-₹1,44,500 over the next couple of sessions.”
Looking ahead, analysts expect volatility to persist as markets navigate earnings season and global uncertainties. “We maintain a cautious view on the Nifty and suggest continuing with a sell-on-rise approach until the index decisively reclaims the 26,000 level,” Mishra added.
Markets may stabilize as India-US trade talks progress, though geopolitical risks and foreign selling could keep volatility elevated in the near term.
Published on January 13, 2026
